January 12, 2006
Tax Agency Blocks Improper Vehicle Deductions
After discovering that some charities are providing donors of automobiles and other vehicles with incorrect receipts that allow contributors to claim overly generous charitable deductions, the IRS has taken steps to block the practice.
Under a law that took effect last year, a donor's income-tax deduction for a contributed car, truck, boat, or airplane is limited to the amount a charity receives for selling it, in most cases. Previously, a donor could deduct a vehicle's fair market
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